Best mortgage refinance lenders in 2024

Although refinance interest rates aren’t as favorable as they had been during the pandemic, refinancing might make sense today for some homeowners who want to pull out cash. We’ve made it easier for you to compare refinance offers by reviewing dozens of mortgage lenders in several key areas. Based on those benchmarks, here is our guide to the best mortgage refinance lenders in 2024.

Bankrate’s picks for best mortgage refinance lenders

Better

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, FHA, VA
  • Credit requirements: 620 for conventional loans, 580 for FHA loans, 620 for VA loans
  • Where to find: Online

• Pros and cons

  

  Pros

  • Completely digital process, with daily online rates, three-minute preapprovals and hybrid closings; no fees; Price Guarantee matches or beats competitor offers

  

  Cons

  • No branch locations; no home equity loans or USDA loans

Old National Bank

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, jumbo, FHA, VA, USDA
  • Credit requirements: 620 for conventional loans, 600 for FHA loans, 620 for VA loans
  • Where to find: Branch locations and online

• Pros and cons

  

  Pros

  • Branches plus online banking; special loan programs for first responders, professors and physicians

  

  Cons

  • Branch locations limited to five states

U.S. Bank

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, jumbo, FHA, VA, USDA
  • Credit requirements: 620 for conventional loans, 740 for jumbo loans
  • Where to find: Branch locations and online

• Pros and cons

  

  Pros

  • Discounts for banking customers

  

  Cons

  • Requires a higher credit score to qualify; refinance timeline can be lengthy

PenFed Credit Union

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, jumbo, FHA, VA
  • Credit requirements: 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
  • Where to find: Branch locations and online

• Pros and cons

  

  Pros

  • No lender fees; offers lender credits up to $2,500

  

  Cons

  • Higher minimum credit score requirements; no USDA loans

Rocket Mortgage

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, jumbo, FHA, VA
  • Credit requirements: 620 for conventional loans, 680 for jumbo loans, 580 for FHA and VA loans
  • Where to find: Online

• Pros and cons

  

  Pros

  • Superior customer service, including chat and screen-sharing

  

  Cons

  • No branch locations; no USDA loans

Citizens Bank

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, jumbo, FHA, VA
  • Credit requirements: 620 for conventional loans
  • Where to find: Branch locations and online

• Pros and cons

  

  Pros

  • Rate discounts for banking customers

  

  Cons

  • Doesn’t list lender fees online; doesn’t offer USDA loans; slightly below average customer satisfaction scores for mortgage origination

PNC Bank

Learn more in our Bankrate review

• Lender details

  • Availability: All U.S. states
  • Loans offered: Conventional, jumbo, FHA, VA, USDA
  • Credit requirements: 620 for conventional, jumbo and FHA loans, 640 for USDA loans
  • Where to find: Branch locations and online

• Pros and cons

  

  Pros

  • Online and in-person options to apply; application can be tracked online

  

  Cons

  • Limited mobile app functionality

How to choose the best refinance lender for you

To refinance your mortgage, you don’t need to go back to the bank or lender you initially worked with. It’s best to compare interest rates and closing costs from at least three refinance lenders, considering each lender’s credit score, equity and other requirements and how those might apply to your circumstances. It’s also a good idea to check out customer reviews of mortgage lenders to help inform your decision.

As you compare lenders, you might come across some that charge a flat fee for refinances. This could translate to more savings, depending on how much you’re borrowing and whether there are other fees.

Other lenders offer so-called “no closing cost” refinances that allow you to finance these fees with the new loan instead of paying them upfront. While this can be a nice perk if you don’t have the savings, you’ll pay a higher interest rate in exchange for it.

Steer clear of any lenders that push refinancing even if it isn’t financially advantageous for you. A reputable loan officer should help you do the math and decide whether refinancing makes sense for your situation.

Additional mortgage refinance resources

• Current 30-year refinance rates
• Refinance breakeven calculator
• Reasons to refinance your mortgage
• How much does it cost to refinance?

• Methodology

  To determine the best mortgage refinance lenders, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage refinance lenders generally have a Bankrate Score of 4.5 stars or higher. Learn more about our methodology.